Roberto Perli is a partner and the head of global policy at Cornerstone Macro and is formerly a senior staffer at the Federal Reserve Board of Governors. Roberto joins Macro Musings to discuss the Fed's new average inflation targeting framework and what it means for monetary policy, markets, and the economy going forward. Specifically, David and Roberto also discuss the current vague nature of FOMC forward guidance, the challenges and credibility concerns of AIT, and how to further improve the Fed's framework in the future. Transcript for the episode can be found here. Roberto's Twitter: @R_Perli Roberto's Cornerstone Macro profile: https://www.cornerstonemacro.com/people/ Related Links: FOMC September meeting press release: https://www.federalreserve.gov/newsevents/pressreleases/monetary20200916a.htm *Temporary Price-level Targeting: An Alternative Framework for Monetary Policy* by Ben Bernanke https://www.brookings.edu/blog/ben-bernanke/2017/10/12/temporary-price-level-targeting-an-alternative-framework-for-monetary-policy/ David's Twitter: @DavidBeckworth David's blog: http://macromarketmusings.blogspot.com/

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“What did the council decide on item 42?” — answered with the speaker and the moment.